Ease Of Doing Business: India’s Rank Jumps By 23 Places; These 6 Indices Improved The Most
India is right now the best country to do a business, in entire South Asia.
World Bank’s Ease of Doing Business ranking is out, and 2018 is turning out to be one of the best years for businesses in India.
Compared to last year, India has improved its position by 23 places, and have been ranked #77th. Last year, we were ranked #100.
New Zealand has been ranked as the #1 country to do business, third time in the row. Singapore, Denmark, and Hong Kong are placed at #2, #3 and #4. US is ranked #8, while China is ranked #46.
Which metrics did India improve the most? And how did we fare since PM Modi came into power? Keep reading to find out more!
India’s Massive Improvement In Ease of Doing Business Ranking
Ease of Doing Business is a World Bank-backed global study of economics, and rank countries based on the ease with which a business can be started and run.
India was included in the ranking in 2011.
This year due to consistent improved in Govt. policies, and creating an environment suitable for doing business, India has witnessed its biggest jump in the ranking.
Last year, India was ranked #100 in the ranking, which has improved to #77 this year, thereby jumping by 23 places.
PM Modi congratulated entire nation on this massive improvement, as he tweeted:
Delighted at yet another rise in India’s ‘Ease of Doing Business’ rank. We are unwavering in our commitment towards economic reforms, which will ensure an environment that fosters industry, investment and opportunities. @WorldBank
— Narendra Modi (@narendramodi) October 31, 2018
Which Metrics Improved The Most?
Here are the six major areas which witnessed maximum improvement, and propelled India to jump 26 spots in the ranking:
- Construction Permits: From 181 last year, India has been ranked #52 in this metrics. This means that getting construction permits are now easier, and more seamless. A big boost to infra means more development
- Trading Across Borders: Compared to #146 rank last year, India has been ranked #80 this year under Trading Across Borders metrics. This means export-import regulations have improved, and it is now easier to conduct cross-border trade in India.
- Starting A Business: Compared to #156 rank last year, India has been ranked #137 this year. Not a huge improvement, but a positive change none-the-less. India needs to improve these metrics to enable more startups, and more new businesses.
- Getting Credit: Last year, we were ranked #29, which has now improved to #22 this year.
- Getting Electricity: This year, India has been ranked #24, compared to #29 last year. India’s mission to provide electricity to each and every village in India is getting noticed.
- Enforcing Contracts: From #164 last year, India has been ranked #163 this year.
India’s Ease Of Doing Business Improves Under PM Modi
When PM Modi came into power in 2014, India was ranked #142.
In 2015, India improved its rank to #130, which was maintained in 2016.
Last year, India jumped up 30 spots to reach #100, and this year, it jumped 26 spots to reach #77.
Only China is the other major country which recorded such a massive improvement, and right now, India is the best country to do business in South Asia.